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Inflation – consumer price indices in September 2022
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Inflation – consumer price indices in September 2022

Last update: 14.10.2022
Ilustračný obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.10.2022

In September, inflation rose to 14.2%, but the overall dynamics of price growth is gradually slowing down

Consumer prices rose for the twentieth consecutive month, at a double-digit rate since March. The prices of the most important expenditure items of Slovak households - food and housing costs, including energy – were record high. Even in September, prices of fuel were still lower.

In September 2022, consumer prices of goods and services increased by 0.9% month-on-month in, and the average level of price increases from month to month this year is 1.3%. Year-on-year inflation has been increasing continuously since January of last year and is currently reaching the highest values since the beginning of the millennium.

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Month - on - month development – September 2022 compared with August 2022

Prices rose month-on-month in 11 out of 12 divisions (household expenditure groups). Rising food prices continued to have the greatest impact on inflation, increasing by 2.1% in September. All food items increased, mainly the prices of meat by 3%, milk, cheese, eggs by 2.8%, bread and cereals by 2%, oils and fats by 1.4% and also sugar, chocolate and confectionery by 1.6%. The increase in the price of fruits and vegetables, due to seasonality, was not so significant.

The price increase of housing and energy by 0.8% was mainly influenced by higher costs for maintenance and repairs of dwellings by 1.4% and imputed rent by 0.9%. The month-on-month increase in solid fuel prices remained extremely high by 5.2%.

With the arrival of the new school year, the prices in education also increased month-on-month by 4.1% (so far only in primary and secondary education and in language schools). The prices of goods and services for household maintenance were also higher by 3.2%, dental services by 1.5% and catering services by 2% (in canteens by 4.1%). Compared to the previous two months, when the prices of clothing and footwear were cheaper month-on-month, they rose by 1.4% in September.

Fuel prices were also lower by 2.8%, as a result of which the entire group of goods in the transport sector was in slightly negative numbers. The prices of holiday tours were also reduced by more than 4%.

In September, compared to August, the consumer price index increased by 0.9% in the households of employees, by 1.1% in low-income households, and by 1% in the households of pensioners.

Year-on-year development - September 2022 compared to September 2021

Year-on-year inflation reached 14.2% in September 2022, which was the highest level in more than 22 years. However, a slight slowdown in price growth can be seen since April.

Prices increased in all twelve monitored divisions of the consumer basket, in total up to half of them achieved year-on-year growth by more than ten percent. We have registered record inflation values over the past two decades in up to three quarters of all divisions.

Mainly extremely high prices in the division of food and non-alcoholic beverages affected the most the overall inflation. Food was more expensive by 24.1% and soft drinks by 14.9%. Prices of bread and cereals rose by 27.1%, milk, cheese and eggs by 26.4%, meat by 25%, vegetables by 14.3%, fruit by 11.6% and oils and fats by up to 58.4%.

The second most significant effect on such high inflation has an increase in prices in the division of housing and energy by 16.6%. A rise in energy prices from the beginning of the year was also influenced by more expensive solid fuels 33.6%. Prices of water supplies also increased by 4.4% and costs of maintenance and repairs of dwellings by 19.9%. The imputed rent remained at the level of August of 19.4%.

In the division of transport, prices rose by 14.9%. The slowing down of price growth in this division was influenced by fuel, which prices decreased for the third month in a row. However, they were still more expensive by almost a quarter year-on-year.

In connection with the beginning of the school year, prices in education also rose by 5% in September. A price increase has not yet been reflected in costs of higher education.

In the division of health care, prices grew by 6.1%, mainly for healthcare services and pharmaceutical products.

In September 2022, the consumer price index increased year-on-year in households of employees by 13.9%, low-income households by 14.7%, and households of pensioners by 15.7%.

In total, for the first nine months of 2022, consumer prices increased by 11.9% year-on-year on average (in households of employees by 11.8%, low-income households by 12.1%, households of pensioners by 12.9%).

Development of core and net inflation

In September, the total year-on-year inflation rate was by 14.2%, core inflation reached 14.6% and net inflation reached 11.9%. Month-on-month, core inflation reached 1% and net inflation reached 0.7%.

Core inflation was affected by a price level growth after excluding the impact of changes in regulated prices (e.g. energy prices) and other administrative measures (e.g. tax adjustments, etc.). Net inflation is core inflation without changes in food prices.

Note: The development of consumer price indices is monitored on the base of the universal consumer basket composed of 738 representatives - selected types of goods and services with assigned certain weights paid by the population. The scales are revised annually, are currently valid for 2022 and are available in the database of the SO SR. Prices are ascertained in a selected network of stores and service operations during the first 20 days of the reference month throughout the whole territory of the SR.

Data source: DATAcube. database:

Outputs for inflation:

National inflation (CPI):

Data on consumer price indices (national inflation / CPI) are published monthly on the 13th to 15th day of the month following the end of the reference period. Prices are collected from the consumer basket based on 738 representatives – selected types of goods and services, which are classified into 12 divisions, 44 groups and 102 classes according to the COICOP classification.

Data are available:

Internationally harmonized inflation in the EU (HICP):

EU Harmonized Indices of Consumer Prices (HICP) data are published monthly, several days after the national CPI inflation.

These are data collected according to the uniform EU methodology for absolute comparability of inflation between countries. The list of prices of goods and services (consumer baskets) differs in part, the HICP, unlike the national inflation (CPI), does not include "Imputed rents" and selected items of major repairs and household maintenance, resulting in differences in the weights of components in household expenditure (in the consumer basket).

Data are available:

The SOSR publishes the chart of Structure of household expenditures, which presents the consumer basket valid for 2022. It states how much money the household spends on specific expenditure groups of products and services in everyday life. Understanding the structure of household expenditure is an essential part of determining the level of inflation (price growth), because it determines the weights of expenditure items for its calculation.

Responsible person: Director of the Price Statistics Department Ing. Štefan Adamec

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